• Swift process sees 34 NMC companies exit administration to form a new NMC Group

• No disruption in operations - all entities and staff to transfer

• NMC Healthcare Ltd will remain in administration in order to pursue litigation claims

• During the administration the business has delivered record revenue and EBITDA performance

• Unprecedented use of the ADGM Courts insolvency regime

Abu Dhabi – UAE, 25 March 2022: The Joint Administrators from Alvarez & Marsal announce that NMC Healthcare Ltd (“NMC” or the “Company” or together with its subsidiaries the “Group”), the largest private healthcare company in the UAE, has announced that its Group operating companies will exit from administration today.  

Following the successful restructuring by the Joint Administrators, Richard Fleming and Ben Cairns of Alvarez and Marsal Europe LLP, a new NMC Group will be formed from 34 of the 36 Group companies that are subject to Deed of Company Arrangement (DOCAs) which will exit ADGM administration. The restructuring means all operations and each entity will continue to trade as normal. There will be no disruption to the ongoing trading of the NMC Group.

NMC Healthcare LTD – along with NMC Holding LTD – will remain in administration in order to continue to investigate and pursue litigation claims, any proceeds of which will be distributed to the relevant creditors in accordance with the terms of the DOCAs.

Having become subject to the administration process on the 27th of September 2020, NMC’s exit has been achieved in a short time given the complexity of the situation. The Group has benefitted from a bedrock of creditor support, as evidenced by a USD $325 million funding facility and the overwhelming support for the DOCAs as a restructuring option.

Following the financial and operational restructuring, NMC emerges from administration delivering its best-ever operational and financial performance. Since their appointment, the Joint Administrators’ primary objective was to safeguard NMC as key provider of services to the UAE’s health care systems, in which it plays a major role. In the period of administration, the Group has treated more than 10 million patients, working closely with its clinical stakeholders to provide the highest quality of treatment.

The Joint Administrators have been advised by a leading set of advisors including Quinn Emanuel Urquhart & Sullivan LLP, Kirkland & Ellis International LLP, Global Advocacy and Legal Counsel, Pinsent Masons LLP and Perella Weinberg UK Limited.

Richard Fleming, Managing Director of Alvarez & Marsal Europe LLP and Joint Administrator of NMC Health PLC and NMC Healthcare said: “This is a landmark moment for NMC and the Joint Administrators’ team. There were moments over the past two years where it was uncertain if NMC would survive, so to be able to hand over 34 companies to a New NMC Group under creditor ownership, as thriving healthcare businesses, is a remarkable achievement. The extraordinary support we have received from the staff, ADGM, courts across the Emirates, key stakeholders, insurance companies whose patients we serve, creditors and suppliers have been key over the past two years. As NMC goes about its business of serving clinical customers in the UAE and delivering value to its stakeholder communities, its future looks very bright indeed.”

Media Enquiries:

Middle East Media Enquiries

Hanover Communications Middle East

Jonty Summers                +971 (0)55 559 7398

Kiran Makhija                   +971 (0)55 471 0294

nmchealthcare@hanovercomms.com

UK/International Media Enquiries

Headland Consultancy

Susanna Voyle                 +44 7980 894 557

Charlie Twigg                   +44 7946 494 568

nmchealthgroup@headlandconsultancy.com

About Alvarez & Marsal

Companies, investors and government entities around the world turn to Alvarez & Marsal (A&M) for leadership, action and results. Privately held since its founding in 1983, A&M is a leading global professional services firm that provides advisory, business performance improvement and turnaround management services. When conventional approaches are not enough to create transformation and drive change, clients seek our deep expertise and ability to deliver practical solutions to their unique problems.

With over 6,000 people across four continents, we deliver tangible results for corporates, boards, creditors, private equity firms, law firms and government agencies facing complex challenges. Our senior leaders, and their teams, leverage A&M’s restructuring heritage to help companies act decisively, catapult growth and accelerate results. We are experienced operators, world-class consultants, former regulators and industry authorities with a shared commitment to telling clients what’s really needed for turning change into a strategic business asset, managing risk and unlocking value at every stage of growth.

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